Littlejohn Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Littlejohn has acquired 5 companies.

Littlejohn’s most common sectors for investment are consumer products (10%) and distribution (10%). The Firm’s most common investment types include secondary buyout (39%) and buyout (lbo, mbo, mbi) (27%). In total, Littlejohn has invested in 22 US states and 4 different countries. Its largest (disclosed) acquisition occurred in 2019 when it acquired Kaman - Distribution Segment for $700M.

In the last 3 years, Littlejohn has exited 6 companies. The Firm’s most common exit type is trade sale (41%). Littlejohn’s largest (disclosed) exit occurred in 2021 when it sold Interior Logic Group for $1.6B.

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M&A Summary

  • M&A Total Activity89
    • M&A Buy Activity52
    • M&A Sell Activity37
  • Total Sectors Invested 27
  • Total Countries Invested 4
  • M&A Buy/Sell Connections 30
  • M&A Advisors 14

Littlejohn & Co.

8 Sound Shore Drive, Suite 303,
Greenwich, Connecticut 06830
United States
(203) 552-3500
www.littlejohnllc.com
info@littlejohnllc.com

Littlejohn & Co. is a private equity firm that makes control investments in mid-sized companies undergoing change; either in capital structure, strategy, operations, or growth. Littlejohn looks to commit $50 to $150 million of equity capital in companies with annual revenues of $100 to $800 million. Sectors of interest include industrial equipment, packaging, chemicals, automotive and transportation parts and equipment, food and food processing, healthcare, plastics, aerospace/defense, distribution, environmental and infrastructure services, and consumer products. The Firm avoids investing in real estate, fashion, retail, and businesses engaged in high technology. Littlejohn prefers opportunities located in the US, but also considers opportunities in Europe and Canada. Littlejohn & Co. was formed in 1996 and is based in Greenwich, Connecticut.


Investment Criteria

Sectors of Interest: Aerospace, Apparel/Textiles, Automotive, Beverages, Building Materials, Business Services, Chemicals, Consumer Products, Defense, Distribution, Electrical Equipment, Engineering, Environmental, Food, Forest Products, Healthcare Services, Information Technology, Internet Software and Services, Machinery, Manufacturing, Marine, Metals/Mining, Packaging, Plastics, Renewable Energy, Retail, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization, Special Situations/Distressed, Secondary Buyout, Stake Purchase

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue 100 800
Target EBITDA - -
Investment Size 50 250
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '16 '17 '18 '19 '20 '21 T
Buy (2.0/yr) # 42 5 3 2 - - 52
vol $640M $700M $1.3B
Sell (1.8/yr) # 28 3 3 1 1 1 37
vol $2.3B $475M $1.6B $4.4B
  89

Most Recent M&A

Company Date Value Type
Interior Logic Group, Inc. 2021-02-01 1.6B USD Secondary Buyout
Irvine, California · www.interiorlogicgroup.com
LT Smile Corp. 2020-08-03 - Bankruptcy
Marietta, Georgia · www.benevis.com
Kaman Corp. - Distribution Segment 2019-06-26 700M USD Divestiture
Bloomfield, Connecticut
Outcome Health 2019-05-09 - Recapitalization
Chicago, Illinois · www.outcomehealth.com
Hostway Corp. 2019-01-08 - Merger
Chicago, Illinois · www.hostway.com
Cosmetic Essence, Inc. 2018-11-14 - Add-on Acquisition
South Holmdel, New Jersey · www.cosmeticessence.com
The Cook & Boardman Group LLC 2018-10-22 - Secondary Buyout
Winston-Salem, North Carolina · www.cookandboardman.com
World and Main LLC 2018-10-08 - Secondary Buyout
Cranbury, New Jersey · www.worldandmain.com
Interior Specialists, Inc. 2018-06-01 - Merger
Carlsbad, California · www.interiorspecialists.com
Motion Recruitment Partners LLC 2018-04-30 - Secondary Buyout
Boston, Massachusetts · www.motionrecruitment.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
HydroChemPSC 2014-12-08 TriStar Global Energy Solutions, Inc. - Two Business Units 2020-01-02 4
Deer Park, Texas · www.hydrochempsc.com Houston, Texas
Brown Jordan International, Inc. 2016-12-19 Pride Family Brands, Inc. 2019-06-05 2
St. Augustine, Florida · www.bji.com Hollywood, Florida · www.pridefamilybrands.com
Ntirety, Inc. 2009-06-03 Hostway Corp. 2019-01-08 3
Austin, Texas · www.ntirety.com Chicago, Illinois · www.hostway.com
HydroChemPSC 2014-12-08 CARBER 2018-12-17 3
Deer Park, Texas · www.hydrochempsc.com Houston, Texas · www.carber.com
Ntirety, Inc. 2009-06-03 Stelligent Systems LLC 2018-11-08 1
Austin, Texas · www.ntirety.com Reston, Virginia · www.stelligent.com
HydroChemPSC 2014-12-08 HydroChem LLC 2017-10-11 2
Deer Park, Texas · www.hydrochempsc.com Deer Park, Texas · www.hydrochem.com
Ntirety, Inc. 2009-06-03 Hosting.com (old) 2009-08-31 2
Austin, Texas · www.ntirety.com Denver, Colorado · www.hosting.com
Broder Bros., Co. 2000-07-01 Alpha Shirt Co. 2003-09-05 4
Trevose, Pennsylvania · www.alphabroder.com Trevose, Pennsylvania · www.alphashirt.com

M&A by Sector

Sector Current # Value All-time # Value
Distribution 1 (7%) 700M (100%) 5 (10%) 700M (52%)
Consumer Products 1 (7%) - 5 (10%) 184M (14%)
Automotive - - 4 (8%) -
Building Materials 1 (7%) - 3 (6%) -
Environmental 1 (7%) - 3 (6%) -
Internet Software and Services 1 (7%) - 3 (6%) -
Apparel/Textiles 1 (7%) - 2 (4%) -
Chemicals 1 (7%) - 2 (4%) -
Construction - - 2 (4%) -
Electrical Equipment - - 2 (4%) -
Information Technology 1 (7%) - 2 (4%) -
Machinery - - 2 (4%) -
Technology Hardware 1 (7%) - 2 (4%) -
Transportation - - 2 (4%) -
Retail - - 1 (2%) 456M (34%)
Aerospace - - 1 (2%) -
Business Services 1 (7%) - 1 (2%) -
Energy Services and Equipment 1 (7%) - 1 (2%) -
Engineering - - 1 (2%) -
Food - - 1 (2%) -
Forest Products 1 (7%) - 1 (2%) -
Furniture 1 (7%) - 1 (2%) -
Healthcare Services - - 1 (2%) -
Marine - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Safety/Security 1 (7%) - 1 (2%) -
Staffing 1 (7%) - 1 (2%) -
Total 15 $700M 52 $1.3B

Acquisitions By Geo

State/Country Current # Value All-time # Value
United States 15 (100%) 700M (100%) 48 (92%) 884M (66%)
  Texas 6 (40%) - 8 (15%) -
  Pennsylvania 1 (7%) - 5 (10%) -
  North Carolina 2 (13%) - 4 (8%) -
  Ohio - - 4 (8%) -
  California - - 4 (8%) -
  Illinois 1 (7%) - 3 (6%) -
  Massachusetts 1 (7%) - 2 (4%) -
  New York - - 2 (4%) 184M (14%)
  New Jersey - - 2 (4%) -
  Georgia - - 2 (4%) -
  Connecticut 1 (7%) 700M (100%) 1 (2%) 700M (52%)
  Washington 1 (7%) - 1 (2%) -
  Louisiana 1 (7%) - 1 (2%) -
  Florida 1 (7%) - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Tennessee - - 1 (2%) -
  Oregon - - 1 (2%) -
  Mississippi - - 1 (2%) -
  Michigan - - 1 (2%) -
  Maryland - - 1 (2%) -
  Idaho - - 1 (2%) -
  Colorado - - 1 (2%) -
France - - 2 (4%) -
Canada - - 1 (2%) 456M (34%)
  Quebec - - 1 (2%) 456M (34%)
Hong Kong - - 1 (2%) -
Domestic 15 (100%) 700M (100%) 48 (92%) 884M (66%)
Cross-border - - 4 (8%) 456M (34%)
Total 15 $700M 52 $1.3B

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 10 (67%) - 20 (38%) -
Buyout (LBO, MBO, MBI) 2 (13%) - 14 (27%) -
Recapitalization 2 (13%) - 9 (17%) -
Divestiture 1 (7%) 700M (100%) 4 (8%) 700M (52%)
Going Private - - 2 (4%) 456M (34%)
Special Situations/Distressed - - 2 (4%) 184M (14%)
Stake Purchase - - 1 (2%) -
Total 15 $700M 52 $1.3B

Exits by Deal Type

Type Total # Value
Secondary Sale 14 (38%) 2.5B (56%)
Trade Sale - Public Company 10 (27%) 2.0B (44%)
Trade Sale 7 (19%) -
Merger 3 (8%) -
Bankruptcy 2 (5%) -
IPO 1 (3%) -
Total 37 $4.4B

Top M&A Advisors

Financial Deals
Morgan Stanley
3
Goldman Sachs Investment Banking Division
2
William Blair & Co. LLC
2
Legal Deals
Gibson, Dunn & Crutcher LLP
10
Pepper Hamilton LLP
3
Morrison Cohen LLP
3

Deal Values

buy # Total
$100M to $1B 3 $1.3B
TOTAL $1.3B
Largest Kaman Corp. - Distribution Segment
$700M (2019-06-26)
sell # Total
> $1B 1 $1.6B
$100M to $1B 7 $2.8B
TOTAL $4.4B
Largest Interior Logic Group, Inc.
$1.6B (2021-02-01)

M&A Connections

Deals
Acquired from
Investor(s)
50%
26 (50%)
Strategic(s)
10%
5 (10%)
Exited to
Investor(s)
35%
13 (35%)
Strategic(s)
46%
17 (46%)

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